'Closing credit accounts can ding your credit scores, but that doesn’t mean you should never close an unwanted account. You just need to do so strategically,' writes certified financial planner Liz Weston.
I recently moved to a new state and would like to open a credit card at my new credit union. I’m concerned that closing my old credit union account and card will hurt my credit scores, which are over 800. The old card, which I no longer use, has a high credit limit. My income is also lower, so I’m not sure how that will affect the credit limit I get., but that doesn’t mean you should never close an unwanted account. You just need to do so strategically.
Still, you’d be wise to open the new account before closing the old one. That’s because closing an account lowers the amount of available credit you have, and that has a large impact on your scores.If the new issuer doesn’t give you a credit limit close to that of the old card, you’re still probably fine closing the old account if you have a bunch of other cards. If you don’t, though, you may want to hold on to the old account to protect your scores.I never expected to be where I am financially.
But I have a lot of questions. Will waiting until my former husband is 66 or 70 do anything to maximize my benefits? Will my Social Security be taxable? How much am I allowed to continue earning if I also receive Social Security?can help lower earners get larger Social Security checks. Instead of just receiving their own retirement benefit, they can receive up to half of the higher earners’ benefits.
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